Trading Plan: 19 September 2022
Nasdaq (-0.90%) gapped down and was able to close the day in a “not-so-bad” bottoming candle. We will probably see other daily candles in this area before a direction is set up. Watching Friday’s low for now.
SP-500 (-0.72%) made a similar move with above-average volumes. Even if the price recovered around half of the total daily difference, there was some severe selling taking place. Watching Friday’s low vs. a possible reversal towards the main averages.
In the news
World Bank sees a rising risk of a global recession in 2023.
Air Canada to buy 30 electric planes from Heart Aerospace.
Electric Vehicles Took Off. Car Makers Weren’t Ready.
Volkswagen targets a 70–75 billion euro valuation in the planned Porsche IPO.
Sectors
- Best yesterday sector: Consumer Defensive, then Real Estate. Worst sector: Energy.
- Best weekly sector: Energy, then Healthcare. Worst sector: Basic Materials.
- Best monthly sector: Energy, then Utilities. Worst sector: Technology.